The massive market transformation this month that some on Wall Street called a "once in a decade opportunity" might have just been a one-off technical move because of taxes.Marketsread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
CNBC did a deep dive through the most recent Wall Street research to find stocks that analysts say are underappreciated.Marketsread more
Shares of MasterCard are up 46% this year, and 1120% since 2011, getting a boost from the strong U.S. consumer.Investingread more
Trade with China is the 'big unknown' for the Federal Reserve as it decides how best to support the U.S. economy, says Council on Foreign Relations Director of International...Futures Nowread more
Lobbying experts said the visit is likely an attempt to be in lawmakers' ears as they consider legislation that would impact Facebook.Technologyread more
Yardeni Research's Edward Yardeni believes the U.S. economy is picking up steam.Trading Nationread more
Iran's audacious drone and cruise missile attack on Saudi Arabia's oil producing facilities has provided a critical test yet for the Trump administration's foreign policy. A...Politicsread more
Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
Blackstone Executive Vice Chairman Tony James says he's less optimistic now than before that the U.S.-China trade war could be resolved, but even a smaller deal could help...World Economyread more
Goldman Sachs economists say it's more likely Congress approves tax cuts by next year, after a Senate deal on the budget resolution.
The economists say that the tentative agreement, announced by Republican Sens. Bob Corker of Tennessee and Pat Toomey of Pennsylvania, would call for instructions for a tax cut of up to $1.5 trillion be included in the budget resolution.
"Our understanding is that this figure represents their view of what a 'revenue neutral' agreement would cost when scored conventionally," Goldman economist Alec Phillips wrote. Phillips said assuming expiring tax cuts would be extended, it would work out to $1 trillion in new tax cuts over 10 years, or 0.4 percent of GDP over that period.
The Goldman economists assume the tax cuts would be phased in and could boost growth by 0.1 or 0.2 percentage points of GDP in 2018-2019. The deal announced by the senators is expected to result in a specific instruction in the budget resolution, which the Senate Budget Committee hopes to debate and pass next week.
The House, meanwhile, has a more restrictive tax cut instruction which would have to be reconciled with the Senate, Phillips wrote.
The tax legislation is expected to begin to move forward with the House Ways and Means Committee likely to begin debate by late October. The White House and Republican congressional leaders are expected to release an outline of tax reform that includes a corporate rate in the low 20s, business investment incentives, profit repatriation, a move to a new territorial tax system and middle-income tax cuts.
"While we have recently been skeptical tax reform could happen because of the continued focus on revenue-neutrality as a principle, if a budget resolution is finalized that resembles the recently floated deal, enactment of tax reform in early 2018 would once again become the baseline expectation," Phillips wrote.